This invention relates generally to financial transactions. This invention relates more specifically to systems and methods for disclosing transaction fees and exchange rate information to customers prior to consummation of a financial transaction.
For a variety of reasons, merchants, money transfer service providers, currency exchange service providers, and many others wish to disclose to their customers information relating to the fees and exchange rates associated with services each provides. For example, money transfer service providers may complete wire transfers of money, or other units of value, for their customers. In some cases, the funds are intended to be disbursed to the recipient in a currency or value unit other than that which the sender deposited. In return for providing the service, the money transfer service provider may charge its customers. Additionally, the provider may exchange the funds at an exchange rate different from the rate at which the provider acquired the funds. For example, the third party money transfer service provider might charge a fee for the wire transfer and also derive revenue from exchanging the value from one form to another. The wire transfer fee might be a flat fee, while the exchange rate revenue might be based on a difference between a wholesale exchange rate and a retail exchange rate. In both cases, the third party service provider may wish to disclose the fee and/or exchange rate information to customers prior to completion of transactions.
Exchange rates may fluctuate daily, hourly, or even more frequently in volatile economic conditions. It may not be practical to disseminate to all potential points of sale the exchange rates between all forms of value each time the rates change. Thus, systems and methods are needed for providing fee and exchange rate information to customers at a point of sale prior to consummation of transactions.